News / Egypt

Egypt Drives Foreign Investment in Oil, Gas with Profit-Sharing System

The Cabinet, chaired by Prime Minister Mostafa Madbouly, approved Wednesday the use of the R-Factor (Profitability Factor) in certain petroleum agreements based on specific standards and conditions for each region. This new system is expected to attract more companies to operate in untapped areas of the Mediterranean and beyond. It will also serve as an incentive for companies to engage in exploration activities more effectively, ensuring mutual benefits for all parties involved.

EGPC, IEOC Production Hits New Highs

The Egyptian General Petroleum Corporation (EGPC) and the International Egyptian Oil Company (IEOC), an Eni affiliate, announced that their joint ventures, Belayim Petroleum Company (PETROBEL) and Agiba, have surpassed a combined production of 110,000 barrels per day (bbl/d) of petroleum liquids.

Egypt to Unlock New Areas for Exploration Using Advanced Seismic Survey

The Ministry of Petroleum and Mineral Resources announced Tuesday a new agreement with Ardiseis, a subsidiary of Arabian Geophysical and Surveying Company (Argas), to conduct a 2D seismic survey spanning 5,233 kilometers across the West Assiut and Dakhla Basins. The company will be utilizing onshore node technology in Egypt for the first time—an advanced seismic data acquisition method mainly used in oil and gas exploration. It relies on wireless, autonomous seismic sensors (nodes) scattered across the survey area to capture super-high-resolution images of what lies beneath the surface.

Egypt’s Ministers Coordinate to Secure Electricity Supply Ahead of Summer Surge

Minister of Petroleum and Mineral Resources Karim Badawi met with Minister of Electricity and Renewable Energy Mahmoud Esmat to review the action plan for the electricity and petroleum sectors. They also reviewed the preparations, dynamics, and alternatives within the plan to reach the desired goals and ensure electricity supply and stability for the unified grid during periods of peak demand, increased loads, and high temperatures.

ELAB Records Highest LAB Production Since Establishment

Egyptian Linear Alkyl Benzene Company (ELAB) Chairman, Alaa Abd ElFattah, announced that his company achieved its highest production rate of Linear Alkyl Benzene (LAB), a key ingredient in industrial detergents, since its establishment, with a total of 130,000 tons produced throughout the year.

PHPC Surpasses FY 2024/2025 Production Targets in Natural Gas, Condensates

Pharaonic Petroleum Company (PHPC) recorded 117% of its approved production plan in 2024/2025, with a daily average of 76,280 barrels of oil equivalent (boe), said company Chairman, Hossam Zaki.
The company reported an output of 388 million cubic feet per day (mmcf/d) of natural gas production, exceeding planned targets by 115%, while condensate production reached 9,370 barrels per day (bbl/d), achieving 132% of the planned figures.

Misr Phosphate Net Sales Reach EGP 7.9B in 2024

Chairman of the Misr Phosphate, Mohamed Abdel Azim, said that net sales from the company's areas in Abu Tartour, the Red Sea, and El-Sebaeya mines reached EGP 7.9 billion in 2024, an increase of 149% over the previous year. Profits after tax amounted to EGP 3.3 billion in 2024, a 194% increase over the previous year.

Bapetco’s 2024/25 Oil Production Hits 56,000 (boe/d)

Badr El Din Petroleum Company (Bapetco), drilled 13 new wells and repaired 39 wells in its operating areas in the Western Desert since the beginning of fiscal year 2024/25, stated the company's chairman, Ashraf Abdel Gawad. This contributed to achieving production rates of 56,000 barrels of oil equivalent per day (boe/d), 190 million cubic feet of natural gas per day (mmcf/d), and 22,000 barrels of condensate.

UEE, AUC Conclude Social Entrepreneurship Program in Ras Gharib

United Energy Egypt (UEE), an affiliate of Kuwait Energy Egypt (KEE), completed the HILLS Social Entrepreneurship Program in Ras Gharib, in partnership with the John D. Gerhart Center at The American University in Cairo (AUC). The program aims to create a new generation of socially conscious entrepreneurs and guide young people through all stages of business development.

Tharwa Petroleum Expands Proven Reserves by 3.5 mmbbls in 2024

Tharwa Petroleum Company has recorded a rise in proven reserves amounting to 3.5 million barrels (mmbbl) in the West Kalabsha area, located in Egypt’s southern desert, opening new horizons for development operations to boost production rates, stated Mahmoud Abdel Hamid Mahmoud, Board Chairman and Managing Director of the company, while reviewing the company’s key achievements in fiscal year (FY) 2024 in the general assembly meeting.

Page 89 of 1018

Popular Tags

Login

Welcome! Login in to your account

Remember me Lost your password?

Lost Password